Innovation Agenda could spark new opportunities in clean tech

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WWF-Australia today welcomed the announcement of the Government’s National Innovation and Science Agenda, saying it could support Australia’s transition towards a strong, clean future economy.

The agenda consists of a $1.1 billion package designed to promote greater investment into the early stages of research and development projects.

“One of the most exciting areas of innovation for Australia is the shift away from fossil fuels and towards a net-zero pollution economy”, said Dermot O’Gorman, CEO WWF-Australia.

“Today’s announcement is a great opportunity for Australia to accelerate the development and commercialisation of clean technology right here in Australia.

“The Agenda can deliver home-grown job opportunities at the same time as positioning Australia to take advantage of the global clean technology boom which is being led by some of Australia’s major trading partners.”

A recent report by ClimateWorks and WWF-Australia shows that Australia is well positioned to join the renewable energy boom, which saw global investment into clean energy capacity outstripping investments into new fossil fuel capacity in 2014.

The biggest investments into new renewable capacity came from Australia’s top trading partner, China, spending more than $80bn in 2014.

“To realise this potential, we need to act now just as other advanced economies are doing and we need to maintain a consistent policy environment for the benefit of investors.

“The Australian Government should also remove legislation designed to end the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC), both of which provide important infrastructure for Australia’s clean energy future.”